Bandag Announces Quarterly Dividend
(Akron/Tire Review) Bandag Inc. has declared a regular quarterly dividend of $0.33 per share on Common Stock, Class A, Common Stock and Class B Common Stock. The dividend is payable 20 October to shareholders from the close of business on 20 September.
Continue ReadingTIA Welcomes Decision Not To Ban Lead Weights
Months after the End of Life Vehicle Directive led to the banning of lead balancing weights for passenger cars in the EU, discussions on the subject continue in the US. Most recently the US Tire Industry Association (TIA) issued a statement saying it applauded the Environmental Protection Agency’s (EPA) denial of the Ecology Center’s petition for a ban on lead wheel weights. EPA cited “insufficient data” as the reason they will not move ahead on a lead wheel weight ban at this time.
Continue ReadingRubber Prices Set to Increase Next Year
Natural rubber prices will continue to rise next year even though output from the world’s leading producing countries is expected to increase, according to an expert from the London-based International Rubber Study Group (IRSG).
Continue ReadingConti’s Losses Continue in North America
Deutsche Bank analysts are convinced that Continental’s US passenger car division has made losses of up to 200 million euros last year. The closure of Conti’s Mayfield facility was expected to have cost up to 120 million euros alone. Financial experts have abandoned hope for a noticeable and continuous growth. During 2005 the tyre manufacturer is expected to come up with an annual loss of about 100 million euros, says Deutsche Bank, meaning that the shutdown of the Mayfield factory didn’t have its expected positive affect.
Continue ReadingTyrexpo Africa 2006
ECI International has announced that it will run an exhibition in Southern Africa. Tyrexpo Africa 2006 will take place from 12 to 14 September at the Sandton Convention Centre in Johannesburg. South Africa represents the biggest domestic market for vehicles in Africa, accounting for some 80 per cent of the continent’s production and constituting approximately 50 per cent of Africa’s purchasing power. It has the largest economy in Africa and has by far the largest and most dynamic automotive manufacturing, retail and aftermarket business environment on the African continent. South Africa’s population of 45 million and a growing tourism industry still represent the continent’s best growth prospects for increasing vehicle sales and aftermarket revenues. Currently all the major OEM’s in the world are represented in South Africa with seven plants producing 13 brands. There are over 20,000 enterprises active in selling and providing aftermarket support for South Africa’s seven million passenger and commercial vehicles. The distribution of the national vehicle population is mirrored in the location of Approximately 5,500 garages and filling stations with their associated workshops, 3,300 specialist repairers, 1,100 new car dealerships, 850 used car dealerships, 450 specialist tyre dealers and retreaders, 650 parts dealers and about 280 farm vehicle and equipment suppliers. Tyrexpo Africa 2006 will be the only independent tyre trade event focusing on every aspect of the tyre industry. If you are a manufacturer or supplier of tyres, tyre equipment or fast-fit equipment, the show will deliver buyers and decision makers across the entire spectrum of the industry. Whether you are targeting retailers, wholesalers, end-users, tyre disposal firms, fast-fit outlets or the accessory trade, your future customers will be at Tyrexpo Africa 2006.
Continue ReadingE-commerce
It is hard to imagine a today’s working world without any of the computers and electronic ordering systems that have become so common in the tyre business. These so-called B2B-platforms can save time and overheads. But at the same time the number of consumers buying their tyres via the various B2C websites has also increased. What are the consequences for the conventional way of selling tyres and what is the future of this distribution channel?
Continue ReadingSupply Direct Gains Sole Distribution Rights
‘Distribution in Europe could be just around the corner’ In February 2005 Supply Direct managing director, John Prout, closed an exclusive distribution deal with Chinese equipment manufacturer, Ever Eternal. Now, as a result of “mass demand” Ever Eternal exports its equipment to the UK at an accelerated rate. Supply Direct’s management team regularly visits China in order to maintain strong relations with the company’s supplier. The most recent visit was in July with product development for the UK market at the top of the agenda. With the company reporting such strong business in the UK, John Prout, hints that expansion into Europe could be the next step. At a time when some small garages are struggling to keep up with the hi-tech advancements of large dealerships, Supply Direct aims to offer brand new equipment at prices that are “just a touch over second hand.” “Our marketing team has done an in-depth study of the automotive sector and identified a constant decline in the number of small independent garages. By offering new equipment at such low prices, we intend to bring a balance back to the ratio of small garages to large chains through affordable, high quality equipment,” comments Carl Allenson. And the result? “Our new range is selling quicker than we imagined! Customers are buying and recommending us to others, simply because they’re getting such a good deal. The demand is so high, we’ve had to open a second warehouse,” says sales and marketing director, Carl Allenson. There is often an assumption that Chinese equipment means poor quality, but this isn’t the case with Supply Direct’s range, according to Mr Allenson. “We’ve worked alongside Ever Eternal to bring their products up to and above CE standards to satisfy the UK market,” he explained. Since its formation in November 2004, Supply Direct has grown rapidly and captured what the company describes as “a valuable share” of the garage equipment market. “In a year that has seen various ups and downs for the motor trade, the company has managed to fight through all this, and is proud to be on the verge of celebrating its first birthday with a success story under its belt,” the company reports. So what’s behind the rapid growth? “Good relations with staff and customers is the key,” says managing director, John Prout. “To think how far we’ve come since last year it really shows what a dedicated team can achieve. All of our staff has been brilliant and I would like all our customers to know that we intend to continue giving you excellent service. If we carry on at this rate, distribution into Europe could just be around the corner. The sales and marketing team have recently designed the company’s new fully interactive website (www.supplydirectuk.com), which offers on-line buying, procedures on MOT bay installation, downloadable documents, special package prices, regular promotions and regular news articles. Working alongside the new website the company still has its usual regional sales managers backed by its call centre team and a national engineer force. As well as supplying to consumers, Supply Direct also sells to distributors and wholesale buyers. The company reports that it is always on the look out for new distributors all over the UK and Ireland. Despite the company targeting its new product range specifically at smaller garages, it also supplies premium equipment such as Nussbaum and OMA
Continue ReadingTyre Distribution Channels
The discussion of tyre distribution channels continues in the October issue of Tyres & Accessories, but this time on a more international level. How do the methods by which companies get their tyres to market differ on a European level, and can the UK tyre industry learn anything from studying other markets’ dealer to end user relationship?
Continue ReadingThinking Ahead
Tyre manufacturers emphasise forward planning at Hillhead This year’s Hillhead exhibition – the International Quarrying and Recycling show –– was sold out several months in advance of the event. As far as tyre exhibitors go the usual faces Michelin, Bridgestone and Goodyear Dunlop were there, joined by Marangoni, OTR Tyres, Rema Tip Top and Vacu Lug. Over 16,000 visitors attended the biennial working event held at Buxton Derbyshire, a four per cent increase on 2003’s figures say organisers. However with the on going global shortage of OTR tyres both manufacturers and distributors were faced with never-ending product availability questions covering all segments of OTR tyres, giant medium and small and all sectors, mining, quarries and construction. Demand for OTR tyres has fast outpaced world tyre industry expectations. Between 2003 and 2004, global demand for OTR tyres grew around 20 per cent, for some sizes demand was up by 30 per cent. What’s more this demand shows no signs of tapering off. According to Bridgestone global demand for rigid dump truck tyres is expected to be 50 per cent higher in 2005 than last year. Tyre manufacturers are still struggling to meet this growing demand and this will continue to be the case if, as expected, demand outstrips supply until 2007. According to Continental Tire North America’s director of dealer sales, Jack Fenner, production levels of OTR tyres have remained flat since 1999 having only recently increased. Now, everything the tyre manufacturers are producing is being sold. According to Goodyear Tire & Rubber spokesman Dave Wilkins, every large tyre produced by the company in 2006 is already spoken for. And unlike passenger car tyres, earthmover tyres can not be produced by their hundreds each day. The main reason for the global OTR tyre shortage is the rapidly expanding Chinese market. The country is consuming vast amounts of raw materials and commodities - such as copper, iron, gold, and coal - and is creating a massive demand for original equipment. In the last two years the price of natural rubber has more than doubled, putting all tyre manufacturers under pressure to increase the price of new tyres. These price increases are set to continue not only due to creeping raw material costs but those of shipping too. “We fully understand the difficulties our customers are facing because we are also suffering from shortages of the raw materials we need to manufacture these specialist tyres,” said Bridgestone UK’s marketing manager, Barry Coleman. “We are all in the same boat and we want to ensure that we give advice and assistance to our customers during this trying period.” Both tyre demand for OE and the replacement market is now above capacity supply. In an effort to address the shortage Bridgestone is spending £86 million to expand capacity at its Japanese plant by 20 per cent, but these new plans will not be completed until 2008. Michelin is also building a plant in Brazil to help meet growing demand for earthmover tyres, however this is not expected to be operational until mid-2007, and will be serving North and South American markets. If capacities are not expected to improve in the short term, and tyres that are produced are likely to be allocated to the Asian markets to fulfil OE demand, what does this mean for the UK and in fact European markets? According to Barry Coleman the situation is going to get “very very tight” and the bottleneck of tyre orders will continue to increase. With current threats that quarries will close due to under efficiency, and with machines left standing due to a lack of tyres, the situation cannot afford to get any worse. It is also affecting the OEMs who can’t produce machines without tyres and so are having to review their product lines. The OTR tyre situation in the UK may see a marginal improve in the next two years says Mr Coleman but not by more than five per cent. All that tyre companies can do until supply increases is to advise companies on how to make their tyres last, even if that means operating a quarry less efficiently. And so with the current shortage expected to last until 2007 the emphasis is on planning explains Goodyear’s director of Off-the-Road tyres Andy Morris, “there is a definite need for companies to maintain the tyres they already have because they are not available off the shelf. The key to which is forward planning, something which companies are getting a lot better at.” This message was one that all tyre companies attending Hillhead strived to communicate.
Continue ReadingCTNA Presents Enhanced Proposal to Laid-Off Mayfield Workers
(Akron/Tire Review) Continental Tire North America (CTNA) negotiators presented union representatives from CTNA’s Mayfield, Kentucky, plant with an enhanced severance package for employees that were laid off due to the suspension of tyre production in that plant late last year.
Continue ReadingMore Than a Niche?
As a relatively new market segment the ATV tyre sector is hard to define in terms of numbers. It is estimated that the UK ATV tyre replacement market lies between 40 to 60,000 tyres, but it’s difficult to qualify specific numbers when so few companies compile statistics. Despite this lack of information everyone involved in this area will tell you that ATV tyres, in particular the recreational types, are increasing and there is potential for much growth. Further opportunities within the segment are beginning to show themselves, giving wholesalers and retailers the chance to broaden their portfolios, but there are no realistic forecasts as to their expected success. Tyres & Accessories asks UK dealers whether the ATV tyre sector has the scope – volume and longevity – to become more than just another niche? UK wholesaler, R H Claydon has, like every other ATV specialist, noticed an increase in sales of competition ATV tyres and believes that their volume will increase in the next two to three years. However, currently the utility side provides it with its volume sales, and the company expects this to remain the case, terming it a “drip feed” segment. According to the company’s corporate business manager, Dick Anderson, R H Claydon’s existing sales are split 90:10 (utility: recreational), but he expects this to shift in the future. Whether sales of recreational ATV tyres will ever equal that of utility the manager could not estimate, but he does believe that due to the sector’s following it will continue to grow for years to come. Mr Anderson maintains that both the volume and longevity of the recreational ATV market are certain, but what about profit? R H Claydon broke into the ATV sports sector last year and has been joined by considerably more competitors since. The recreational ATV tyre side has, until now, been dominated by a small quantity of companies but the numbers are beginning to grow. “It’s a niche market,” claims the business manager, continuing: “however the profitability has been eroded to some degree over the last few years due to the increasing number of companies present in the market.” David Williams, ATV department manager, Fieldens, agrees that there has been a significant increase in those involved in ATV tyres. “There was a time when only ATV centres dealt with the tyres however this has changed. Now there are many more companies offering the tyres, even retail chains, and if they don’t stock the tyre they will generally offer to find it for a customer anyway.” Both managers commented that the increasing number of ATV tyre brands on the market (especially those from China) has also had an affect on profitability. Dick Anderson added: “Margins on ATV tyres are acceptable, but have decreased as the tyre’s worth has gone down.” If the individual profit of an ATV tyre has decreased then it is obviously important that overall volume does the opposite, and that new opportunities to make money present themselves to the wholesalers and retailers involved. According to Quad magazine’s Dave Bradford quadricycles have become a “sales sensation” in Europe and are becoming a more frequent sight on UK roads. This craze has therefore increased the need for street legal tyres; e-marked ATV rubber that offers a performance similar to a passenger car tyre. Maxxis UK estimates that currently 15 per cent of ATV tyres are used on road with the remainder used in off-road conditions. MD Derek McMartin also explained that street legal tyres have become a massive opportunity in America for the company and he expects the same to happen in Europe. Because ATV tyres have changed in terms of usage over the last five years, the technology behind them has also had to change. ATVs initially raced on turf tyres until they became so popular that ATV racing rubber was developed. As well as that run-flats have been created for the utility sector, so both wholesalers and retailers are expecting big things when it comes to future street legal tyre development. As far as the ATV specialists are concerned there are plenty of emerging opportunities within the segment for them to get their teeth into. But what they don’t want is every other retailer and wholesaler in the market to take a bite of the cake also! As far as the existing ATV tyre companies are concerned it is a specialist market and an area for the specialist dealer only. “It’s very much a regionally specific market, and that makes it ideally a market for specialist farm dealers, or on the sporting side specialist ATV dealers,” maintains Mr Anderson. An ATV tyre sales person needs a “sound” understanding of the market to ensure they fulfil the needs of customer, agree both R H Claydon and Fieldens, inferring that it is not an area that simply any retailer can operate in. According to Mr Anderson, forecasting an ATV tyre stock profile also complicates matters. “With ATV tyres you have to be able to offer a full range because demand can be very varied. It’s difficult to assess the stock profile because there may be eight or nine popular sizes in the utility segment and six in racing, but each range has its own popular fitments, and you want to be able to offer them all. We (R H Claydon) bring in our ATV tyres by container so we can offer a full range, even of the less common sizes, but not every company is in a position to do that. So it’s not an area that every wholesaler and retailer could get into.” As both the ATV utility and recreation markets develop new branches the market certainly seems to have the capacity to sustain the expected future growth. But whether these new opportunities mature into long-term profits is difficult to estimate at such an early stage. The wholesalers and retailers certainly have faith in the niche’s permanence and future volumes, just as long as it remains that, a niche.
Continue ReadingRiding on Run-Flats
A sense of adventure, a crash helmet, and a certain level of balancing skills are ‘must-haves’ when taking a quad bike off-road. But with Goodyear run-on-flat ATV tyres fitted to your Kawasaki KLF400 you can leave the latter requirement behind, as amongst other characteristics, stability is one of their key features, even in extreme terrain. The tyres also afford freedom from worry and they put an end to solving stupefying situations such as how to recover an ATV vehicle with flat tyres that’s stranded in the middle of a muddy quagmire. Despite its tyres’ advantages Goodyear is rarely talked about when it comes to ATV tyres; a market dominated by imported brands. Hence the manufacturer is keen to get a firm hold on the serious side of the ATV scene through the industry’s first run-flat ATV tyre. So serious in fact, that it invited Tyres & Accessories to compare, contrast and talk new tyre technology, during a day of quad biking. Goodyear has been progressing the concept of an ATV run-flat since the 90s, a time when both ATV tyre sales and run-flat technology were increasing in importance. Its aim has always been to develop tyres for use on serious farm machinery, explained Goodyear Dunlop farm tyre specialist Mark Turner, and the run-flat version of the ATV tyre is a further extension of that aim. There are two run-on-flat tyres available from the US manufacturer, the Tracker EMT, available for OE and replacement fitment and the Mud Runner EMT, designed exclusively for the replacement market. The Tracker EMT is available in 14 sizes, whilst the Mud Runner EMT is available in 10 sizes in 25-27 inches. Like the more familiar passenger car run-flat, the ATV-EMT has a 50 mile run-on-flat capability, but only at speeds of 25mph. The sidewall reinforced tyre also mounts on standard ATV OE wheels which is key for the replacement market. In addition it offers the accustomed run-flat features such as reduction in damage to wheel and brakes as well as improved vehicle stability and manoeuvrability. With the low speeds that utility ATVs operate at there is no safety requirement for an accompanying TPMS as in the case of the car. Instead the insert contour of the tyre is designed so that the rider can feel the flat tyre whilst still benefiting from the run-flat performance. As far as the ATV-EMT concept is concerned it appears to be a logical next step from passenger car run-flat developments. “Awareness of run-flat technology in general is increasing, they’re OE fitments are increasing on cars, and that helps sell the idea on an ATV, it’s simply a natural extension of passenger car tyre technology,” comments Mark Turner. The technology can prevent a disabling flat tyre, downtime due to repair and the need to carry repair kits. The ATV-EMT uses run-flat technology developed for the Goodyear high performance passenger car EMT tyre. It has a wide, flat bead for improved tyre/wheel retention with apex used to stiffen the sidewall and insure the correct bead shape. The tyre was first shown at last year’s Cereals show where Goodyear provided a practical demonstration for visitors. However it has been available in the US since 1998, and was picked up by the ATV press in 2002 when a series of tests conducted by ATV Magazine declared the Mud Runner EMT as the “smoothest ride.” Thanks to the higher margins the run-on-flats present a lucrative opportunity for dealers. Goodyear distributes its ATV tyres through national wholesalers and 10 dealers from its Farm Tyre Specialist Network. The British Rubber Company is the leading independent farm tyre specialist belonging to that network and according to Jason Reynolds the business is very successful with Goodyear ATV tyre sales. Mr Reynolds has in fact got Goodyear ATV run-on-flats fitted to his own quad bike and describes them as “marvellous” claiming that they have “transformed” the handling of his bike. “Because of the sidewall strength the tyres are a lot more rigid and stability is improved. You also have the added security that they will get you home if you get a puncture, I’ve had three punctures and each time the tyres have got me safely home,” commented Mr Reynolds. The tyres seem to have the endorsement of the dealer but at a 20-25 per cent price mark up, is there a market out there amongst strapped-for-cash UK farmers? Jason Reynolds believes so: “Once somebody has tried the tyres and seen the difference in performance the cost isn’t really an issue. There is a market out there for them, especially with hill farmers who work 10-15 miles away from the farm, and use their ATV as a second tractor. I recently spoke to one of my customers about the tyres and they said that they’d never known a tyre last as well.” Mark Turner also claims that the tyres are starting to sell well in the UK market, even though the manufacturer has yet to start its marketing campaign. Goodyear explains that it is now in a position where it has the stock available and can begin to push sales; needless to say ATV run-on-flats will soon be brought to the consumers attention. Goodyear’s farm tyre specialist is positive that the run-on-flats will share a similar success in the UK as they have in the US, adding that both ATV tyre and vehicle sales are growing in farming as well as in the recreational sector of the market. Goodyear’s current ATV line up may suit its farm business, but with all its tyres marked NHS (Not for Highway Service) it will not catch a glimpse of the increasing on-road sector in the near future, perhaps that will be its next move.
Continue ReadingKumho Sports Tyre at The ‘Rock’
What better way to launch a new UHP tyre than at the home of the UK’s only US-style oval track. Rockingham Motor Speedway was the backdrop for the launch of Kumho’s latest addition, the ECSTA SPT KU31 last month, and provided international journalists and UK dealers the opportunity to race M3s around on the Korean’s new rubber. The tyre however, is only the first in a string of new products due to be released by the manufacturer this year, as Tyres & Accessories found out. The new KU31 replaces the Supra 712 to become Kumho’s core UHP offering. The manufacturer’s aim is to capitalise on the success of the 712 whilst updating the technology and design of the tyre it positions in the premium sport section of its portfolio. The ESTA SPT will be available in 72 sizes, including 48 with extra load capability and 31 Y rated tyres, offering 90 per cent market coverage. Of course the sport version comes with some all-new improvements but interestingly its design brief emphasis was on improving “worst-case scenarios” explains Aaron Neumann of Kumho European Technical Centre. With the worst-case scenario in Europe most likely being a high speed emergency stop on a wet road, says Mr Neumann, the ECSTA SPT focuses on wet grip performance. The tyres new features include patented rotate wear indicators, a new silica based compound and special notches to protect against water turbulence. Highly Dispersible Silica (HD Silica) has been used to reduce hysteresis and rolling resistance and to improve the performance of the tread compound. To achieve aquaplaning resistance two large channels were created at the centre of the tyre to disperse water through the tread pattern and directional grooves were used in the shoulder to clear water away laterally. The rotation wear indicators are a series of small holes placed across the tread pattern to provide a visual indication as to the tyre wear. The big news to come from Kumho was that it has developed a run-flat version of the ECSTA SPT tyre. The Kumho XRP features a reinforced sidewall system that will run up to 50 miles at 50 mph after losing pressure says the manufacturer. The run-flat will be progressively introduced to market over the next few months in 16-18 inch sizes and will cover fitments on Mini, BMW, Mercedes and Toyota Lexus. Kumho also claims that when tested against the leading OE run-flat tyre for the Mini its XRP “outperformed” the competition. The development of the ECSTA SPT, its sizes and types, comes directly in response to growing European demand says the manufacturer, who wants a slice of the world’s biggest high performance market. Sales for V rated tyres in the UK have risen sharply in the last three years, according to Kumho there will be around 9.5 million of these tyres sold by the end of year. As far as run-flats are concerned the company’s research shows that 750,000 of these tyres are fitted to UK cars, the majority of which are self supporting fitments. And with a growing amount of run-flats being fitted as original equipment on BMW and Mini and as an option on Mercedes and Volvo, Kumho says that the segment is bound to increase, and it is positioning itself to acquire some of the business. Elsewhere in the ECSTA range, new sizes of up to 22 inches will be added to the KU19 UHP tyre in the next few months. It currently features some 26 W and Y rated sizes from 17 to 20 inches. The ECSTA MX KU15 is also now available in sizes up to 19 inches. clare.atkinson@77.237.250.82 Motives in Motorsports In 2004 Kumho recorded US $1.6 billion sales and was ranked 11th in the list of global tyre manufacturers. Its target is to move into 8th position by 2009 and it intends to increase its factories’ capacities to achieve this says Kumho UK managing director Steve Tidmarsh. The manufacturer currently has four factories, which between them produce around 36 million tyres a year. It is also in the process of building another tyre plant in China in order to achieve its goal. Increasing capacities is only part of Korean manufacturer’s objectives; it also needs to boost the Kumho name across the globe in order to climb the ladder. The manufacturer has of course found a means to accomplish this – through world motorsport. Kumho is still relatively new to motorsport and originally started in the UK with the MG car club. The reasons behind its involvement are obvious, it makes for good PR and there are endless marketing opportunities through which to increase brand awareness. On a practical level however the manufacturer says it has also relished the chance to test its tyres in extreme conditions and welcomes the forum motorsport has provided for it to develop technologically advanced tyres. The Korean manufacturer became the official tyre supplier to the new F3 Euro Series in 2003. Two years on it says the investment has been worth it as the series is well established as the training ground for potential F1 drivers. British driver Lewis Hamilton is currently leading the championship and proved his worth at the F3 Marlboro Masters in June at Zandvoort where he shaved half a second off the lap record, setting a time of 1 minute 32.866 seconds, and earning the Kumho Tyres Fastest Lap award. Thirty seven drivers competed in this year’s Marlboro Masters which was watched by 40,000 spectators and was broadcast live into some 5 million Dutch homes, giving Kumho the coverage it seeks to improve brand awareness. The event’s rules stipulate that each car is allowed to use up to three sets of Kumho S700 slicks and a batch of 800 were specially made for the Zandvoort weekend. The manufacturer’s F3 tyres are developed and tested at its technical centre and manufactured at its Gwangju factory in Korea. “The increase in brand awareness achieved through our entry into high-end events such as the Marlboro Masters and Europe’s top F3 championship, the Formula 3 Euro Series has been significant,” reported Kumho Tire Europe’s executive director Dong-Keun Cho. “We are delighted to see that Formula 3 is just as popular in Europe as it is in Asia.” As well as making tyres for F3, the company produces tyres for both tarmac and gravel rally, rallycross and sprint and hillclimb events. It also entered the US Le Mans Series for the first time this year
Continue ReadingTrelleborg Appoint First Executive Vice President
Trelleborg’s board of directors has appointed chief financial officer Bo Jacobsson as first executive vice president of the Trelleborg Group. The new appointment will be effective as of 1 October, 2005 in conjunction with Peter Nilsson assuming the position of new president and CEO. “With his broad experience of management and administration in major companies, and the in-depth knowledge he has acquired of the Trelleborg Group over many years, Bo is a vital sounding board for us all within group management,” says Peter Nilsson.
Continue ReadingCost of Rubber Falls
The price of natural rubber has decreased by15 per cent to US$1.58/kg after reaching its peak of US$1.84/kg at the end of July. Analysts believe that tyre companies should be able to offset the raw material price surge, as they did in H1, due to a hike in tyre prices.
Continue Reading